The next generation of investors has spoken. A survey recently held online by Harris Poll uncovered that more than 1 in 4 millennials prefer ditching stocks for Bitcoin. The results were based on more than 2,000 adults participating, that were over the age of 18 during October of 2017.
Bitcoin and the additional cryptocurrencies are perfectly suitable to the millennial mindset, as most are fed up with traditional banking and the dominion of old money and traditional investing.
Investing in millennials has taken a shift toward digital currencies.
It’s not just stocks that many millennials favor Bitcoin over, it’s other traditional financial assets as well.
The survey question asked:
Comparing Bitcoin to other forms of financial assets, would you prefer to own $1,000 worth of Bitcoin or $1,000 worth of (stocks, government bonds, real estate, gold)? Yes/No (Yes answers represented as percentages in the chart below)
Nonetheless, the survey also showed that only 4% of this generation actually own or have owned bitcoin, while they prefer it over the traditional methods they are reluctant to pull the trigger.
For the older generations who have always trusted in bonds and stocks, it’s easy to understand why their interest in the digital currency is smaller. As cryptocurrency is more widely adopted and becomes more mainstream, there will most likely be an interest shift.
For most millennials ‘mainstream’ isn’t cool and that is most likely a big reason as to why Bitcoin is popular among the specific age group. While I’m sure it may seem mainstream for those in the cryptocurrency space, there is still a long way to go.
Wall Street has started entering the digital currency world, with EFTs and futures starting to look more and more like a reality.
The target audience will definitely be the younger generation but with their hand in it, interest might spread across the various generations.
Featured Image: forbes